PATTERSON, Circuit Judge.
The petitioners, husband and wife, filed joint income tax return for 1934. They filed their returns on a cash basis. The Commissioner determined that an alleged profit of $60,000 should have been included as income in that year, and gave notice of a deficiency in tax. The Board of Tax Appeals sustained the Commissioner.
The alleged profit came from a contract to sell a house. The petitioners in 1903 purchased a house in New York City...
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